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08.12.202008:35 Forex Analysis & Reviews: Technical Analysis of GBP/USD for December 8, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The GBP/USD pair has made a new local high at the level of 1.3537, but was capped at the end of the rally and a Bearish Engulfing candlestick pattern was made at the H4 time frame chart. The market dropped towards the key technical support located at the level of 1.3240 and bounced slightly. Nevertheless, this situation is only temporary and there is no indication of the up trend termination yet. The nearest technical support is located at 1.3240 and 1.3264. The strong and positive momentum supports the short-term bullish outlook, so only if the demand zone located between the levels of 1.3264 - 1.3240 is clearly violated, then the outlook will change to bearish.

Weekly Pivot Points:

WR3 - 1.3800

WR2 - 1.3667

WR1 - 1.3552

Weekly Pivot - 1.3410

WS1 - 1.3307

WS2 - 1.3172

WS3 - 1.3057

Trading Recommendations:

The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 looks very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.

Exchange Rates 08.12.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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